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The industry newcomer is pushing the idea of an ‘instant’ home loan approval process without the need for a mortgage broker

Non-major lender AMP Bank has announced a range of variable rate discounts on new owner-occupied home loans.

The AMP Essential Home loan has been cut to 3.99% while the variable Professional Pack Home loan will also be reduced to 3.99% for loans over $750,000 and with an LVR of less than 80%.

The discounts are effective Monday 12 October and will apply until 30 November 2015.

In July, AMP Bank announced it will be pulling out of all investment lending at this point in time, in response to regulator guidelines to curtail investor growth.

According to the latest APRA banking statistics, AMP Bank grew its owner-occupied loan portfolio by 2% over August and 11% over the year to August. Its investor portfolio decreased 2% over the month but still recorded an annual increase over APRA’s 10% limit, recording growth of 11% in the year to August.